USD/JPY Technical Analysis: Refreshes session tops, bulls await a move beyond 200-DMA

USD/JPY quickly reverses an early dip to two-week lows, below mid-108.00s.
Positive trade-related headlines prompted some intraday short-covering move.

Haresh Menghani FXStreet

The USD/JPY pair showed some resilience below a confluence support near mid-108.00s and rallied around 35 pips from near two-week lows in reaction to positive trade-related headlines.

The mentioned support comprises of 50-day SMA and over one-month-old ascending trend-line, which should now act as a key pivotal point for short-term traders.

It is worth mentioning that a Bloomberg report indicated that the US and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase-one trade deal.

Meanwhile, technical indicators on the 1-hourly chart have quickly moved back into the bullish territory but are yet to catch up with the positive move on 4-hourly chart/daily charts.

Hence, it will be prudent to wait for some strong follow-through buying, possibly beyond the very important 200-day SMA (around the 108.90 region) before positioning for additional gains.

USD/JPY daily chart

USD/JPY

Overview
Today last price	108.74
Today Daily Change	0.11
Today Daily Change %	0.10
Today daily open	108.63

Trends
Daily SMA20	108.93
Daily SMA50	108.48
Daily SMA100	107.78
Daily SMA200	108.9

Levels
Previous Daily High	109.21
Previous Daily Low	108.48
Previous Weekly High	109.67
Previous Weekly Low	108.63
Previous Monthly High	109.67
Previous Monthly Low	107.89
Daily Fibonacci 38.2%	108.76
Daily Fibonacci 61.8%	108.93
Daily Pivot Point S1	108.34
Daily Pivot Point S2	108.05
Daily Pivot Point S3	107.62
Daily Pivot Point R1	109.07
Daily Pivot Point R2	109.5
Daily Pivot Point R3	109.79

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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